ING is first Dutch bank to use AI to check mortgage applications

ING has become the first Dutch bank to develop an AI model to speed up the processing of mortgage applications.

A bank spokesman confirmed reports in Het Financieele Dagblad that it was planning to roll out the scheme following a successful trial. Other major banks are expected to follow suit soon, the newspaper added.

Using artificial intelligence to analyse data allowed staff to make decisions faster, reduced the number of errors and gave them more time to deal with complex cases.

Some 50 mortgage specialists are already using the AI engine, the bank said, but stressed that the final decision on whether to approve an application will always be taken by a member of staff.

“The first results are positive and we are planning to scale up in the summer. We see a lot of opportunities to apply it more widely,” the spokesman said.